Mark Glaser of PBS’ MediaShift writes Wednesday that the decision by Time Inc. to close Business 2.0 magazine was due to woes brought on the business glossy by its parent.
Glaser wrote, “To best understand the final demise of Business 2.0, you need to go back to April 2006 when Time Inc. announced with great fanfare a new Business and Finance Network that combined the sales forces of Fortune, Money, Fortune Small Business and Business 2.0 magazines, along with the CNNMoney.com online portal. The idea was to have a unified group selling all the titles so there would be less overhead costs and a simpler pitch to advertisers from one person instead of four.
“But for Business 2.0, the Time Inc. strategy was the kiss of death. The magazine lost its dedicated sales force, and Fortune salespeople were less interested in selling Business 2.0 than Fortune. Worse yet, the people who could have made the new strategy succeed — the magazine publishers atop each publication — were demoted to regional sales staff positions, demoralizing them, according to one former longtime Business 2.0 staffer. (The former employee would only speak to me without attribution because of the sensitivity of the subject.)
“‘They took all these people who were publishers, which is as high as you can get without going to corporate,’ the source said. ‘They took all these people and basically bumped them down to fancy regional sales managers. The very people who would have implemented the plan and made it successful had just been demoted…The salespeople were told, ‘You’re going to sell Fortune and Money and Business 2.0 and Fortune Small Business, and do package deals with CNNMoney.com.’ Which is a good idea in theory, but in practice it didn’t work out.'”
OLD Media Moves
Business 2.0 closure due to Time Inc. neglect
September 19, 2007
Posted by Chris Roush
Mark Glaser of PBS’ MediaShift writes Wednesday that the decision by Time Inc. to close Business 2.0 magazine was due to woes brought on the business glossy by its parent.
Glaser wrote, “To best understand the final demise of Business 2.0, you need to go back to April 2006 when Time Inc. announced with great fanfare a new Business and Finance Network that combined the sales forces of Fortune, Money, Fortune Small Business and Business 2.0 magazines, along with the CNNMoney.com online portal. The idea was to have a unified group selling all the titles so there would be less overhead costs and a simpler pitch to advertisers from one person instead of four.
“But for Business 2.0, the Time Inc. strategy was the kiss of death. The magazine lost its dedicated sales force, and Fortune salespeople were less interested in selling Business 2.0 than Fortune. Worse yet, the people who could have made the new strategy succeed — the magazine publishers atop each publication — were demoted to regional sales staff positions, demoralizing them, according to one former longtime Business 2.0 staffer. (The former employee would only speak to me without attribution because of the sensitivity of the subject.)
“‘They took all these people who were publishers, which is as high as you can get without going to corporate,’ the source said. ‘They took all these people and basically bumped them down to fancy regional sales managers. The very people who would have implemented the plan and made it successful had just been demoted…The salespeople were told, ‘You’re going to sell Fortune and Money and Business 2.0 and Fortune Small Business, and do package deals with CNNMoney.com.’ Which is a good idea in theory, but in practice it didn’t work out.'”
Read more here.
Media News
Dynamo hires former Business Insider executive editor Harrington
November 22, 2024
Media News
Bloomberg TV hires Kerubo as desk producer
November 22, 2024
Media News
Jittery CNBC staff reassured by new boss
November 22, 2024
Media News
Making business news accessible to a wider audience
November 22, 2024
Media News
Rest of World hires Lo as China reporter
November 22, 2024
Subscribe to TBN
Receive updates about new stories in the industry daily or weekly.